To prepare a report on the economy, analysts need to estimate the percentage of businesses that plan to hire additional employees in the next 60 days.
- How many randomly selected employers (minimum number) must we contact in order to guarantee a margin of error of no more than 4% (at 95% confidence)?
A. 600 B. 400 C. 550 D. 1000
- Suppose we want the above margin of error to be based on a 98% confidence level. What sample size (minimum) must we now use?
A. 1000 B. 757 C. 848 D. 543